NFT News Official TheBitTimes.com

The Chinese government says theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data. The Chinese government released a statement on Nov. 10 declaring that anyone stealing digital collections, such as nonfungible tokens (NFTs), will be subject to theft sentences.  It outlines three views on the type of crime that theft of digital collections falls under, the first two classifying it as either data or digital property. However, the statement stresses the third view which sees digital collections as both data and virtual property that would fall under the umbrella of “co-offending.” The statement explained that stealing a digital collection includes intrusion into the system on which it is housed, therefore also committing the crime of illegally obtaining computer information system data and theft . “The theft of digital collections violates the protection law and interests of the crime of illegally ob...

China's capital outflows reached $49 billion in August, its highest in nearly eight years. Analysts are debating whether it could be a boon for Bitcoin and crypto. Bitcoin (BTC) could see “substantial inflows” from China within the next few months, amid a weakening Chinese yuan and one of the country’s biggest capital flight s in years .  “The familiarity of Bitcoin by Chinese investors in times of a weakening domestic economy could see substantial inflows into Bitcoin over the next few months,” said Markus Thielen, head of research and strategy at Matrixport. Latest official data — compiled by Bloomberg — shows China’s capital outflows hit $49 billion in August, the largest monthly capital outflow since December 2015, potentially spelling more pressure for the Chinese yuan. China just experienced a capital outflow of $49 billion last month, the largest outflow in more than 7 years pic.twitter.com/X4Or9k3Oiu — Barchart (@Barchart) September 19, 2023 “The USD/CNY exchange rate...

The US dollar is rising against the Chinese yuan, and the Communist country is worried about the development. The US dollar is ending on a new high at a time when the China-led BRICS are looking to derail their growth. The dollar’s increase against local currencies lately has got authorities in China, India, and Japan worried. To counter the US dollar’s rise, China announced a new rule that its financial institutions must hold foreign currency deposits by a third only. Also Read: U.S. & European Union React to BRICS Expansion However, in the latest update, China’s Central Bank has ramped up the rule and is scrutinizing bulk US dollar purchases by domestic firms. China tightened its scrutiny on US dollar purchases by domestic firms as the Yuan faces depreciation in global markets. Domestic firms that need to purchase $50 million or more will now need approval by the People’s Bank of China. “The approval process will be extended,” said ...

About $570 million in weekly BTC options expire on Friday, and the recent macro and crypto news events have further tilted the advantage to bearish traders. On Aug. 16, Bitcoin closed below $29,000 for the first time in 56 days. Analysts quickly pointed to this week’s Federal Open Market Committee minutes, which expressed concerns about inflation and the need to increase interest rates, as the likely cause. Despite the immediate reasons for the drop, the upcoming $580 million Bitcoin (BTC) options expiry on Friday favors the bears. They could potentially make a $140 million profit on Aug. 18, adding to the downward pressure on Bitcoin and complicating BTC’s search for a bottom. Federal Reserve minutes did not impact traditional markets On Aug. 16, Federal Reserve Chair Jerome Powell emphasized the 2% inflation target. This pushed the U.S. 10-year Treasury yield to its highest level since October 2007, prompting investors to shift away from riskier assets like cryptocurrencies in favo...

The Chinese ambassador to Iran, Chang Hua, said that China supports Iran’s entry into the BRICS bloc. Iran has expressed its interest to join the BRICS alliance and accept the new currency for cross-border transactions. The next BRICS summit will be held in South Africa in August and the bloc will decide the expansion by inducting new countries into the group. Iran aims to enter BRICS and trade in the soon-to-be-released currency and end reliance on the U.S. dollar. Also Read: BRICS : India To Settle Trade With UAE Using Rupee, Ditches U.S. Dollar The U.S. has imposed several sanctions on Iran for sponsoring terrorism-related activities around the world. Therefore, Iran ’s economy is struggling to cope with the sanctions and it is looking at alternative ways to revive its GDP. China maintains positive relations with Iran by allowing the country to bypass sanctions and settle transactions in the Chinese Yuan. The Communist country is convincing developed natio...

Earlier this month, the Hong Kong Securities and Futures Commission (SFC) announced that it will once again allow crypto trading for retail clients as of June 1. The decision comes after a consultation process with industry stakeholders during the period from 2021 when crypto trading was banned in China and Hong Kong . Despite significant hype surrounding Hong Kong’s lifting of its crypto ban, so far only two crypto exchanges have been registered by the SFC — OSL Exchange and HashKey Pro. However, Huboi announced last week that it has applied with the SFC to offer its services in Hong Kong and OKX has revealed it will be offering crypto trading to Hong Kong residents via its app. Binance has so far not announced that it intends to register with the SFC to offer its services in Hong Kong. The business closed shop in China in 2017 when crypto exchanges were banned. Read more: Hong Kong architect loses millions trading Tether, crypto on scam site Crypto will remain ba...

BRICS is looking to create a new currency to take on the U.S. dollar on the international stage for cross-border transactions. China’s President Xi Jinping is moving to convince several countries to settle trade with the Chinese Yuan. France recently settled an LNG gas trade with the Chinese Yuan and not the U.S. dollar. In addition, Yuan is now the top traded currency in Russia and not the USD. The development is adding strain on the dollar’s prospects and challenging its supremacy as the world’s reserve currency. Also Read: What Happens to the U.S. Dollar if BRICS Launch New Currency? JUST IN: China and France complete first LNG gas trade using Chinese Yuan, ending reliance on the US dollar for energy trades. — Watcher.Guru (@WatcherGuru) March 29, 2023 However, despite the aggressive efforts, China does not want the Chinese Yuan to replace the U.S. dollar, reported Business Insider. While the Yuan is the top contender to take on the dollar, China does not want it t...

Over the past day, several users took to Twitter to reveal that one of China’s most popular social media applications, Douyin has started displaying Bitcoin price in real-time. Douyin is China’s version of TikTok. Posting a screenshot of the same, Tron founder Justin Sun recently tweeted: #Bitcoin price is now live on Douyin 抖音 （@ tiktok _us in China） pic.twitter.com/sgvdn70LQr — H.E. Justin Sun 孙宇晨 (@justinsuntron) April 10, 2023 According to Statista, the video-based social networking platform boasted a total of 730 million monthly active users in its home country as measured in November 2022. Parallelly, according to Business of Apps, Douyin had around 780 million annual daily active users in 2022. As tabulated below, the figure has seen a significant rise over the years. Source: Douyin Also Read: 80+ Crypto Firms Eyeing Hong Kong As a Foundation Base The latest development seems to be fairly unconventional, given China’s harsh stance towards crypto. Over the ...

The goal of the new state-supported institution is to speed up the country’s industry through blockchain technology. Despite its ongoing crackdown on crypto, China continues to embrace blockchain technology — up to the point of launching the National Blockchain Technology Innovation Center in the capital city of Beijing.  According to the China Daily’s report from Feb. 8, the Center will create a research network with the local universities, think tanks and Blockchain businesses to carry out the inquiries into core Blockchain technologies. The fruits of this research will be used for further digitalization of China and, as emphasized in the report, its industry in particular. In charge of the new institution is the Beijing Academy of Blockchain and Edge Computing (BABEC) — an entity most famous for the development of Chang’an Chain or ChainMaker blockchain. This blockchain is already backed by an ecosystem of 50 business corporations, most of them — such as China Construction Bank...